The Management of Small and Medium Enterprises

Klaus Deimel · Sascha Kraus · B. Sebastian Reiche

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Management and Organizational Practices Business Strategies and Innovation Firm Innovation and Growth

Abstract

It is widely accepted that strategic management should not only play an important role in large or established companies but also in small and medium-sized enterprises (SMEs). These SMEs represent more than 90 percent of all enterprises in Europe and supply almost 70 percent of all jobs in Germany (OECD 2002b). Due to the crucial role of SMEs and their powerful market position in Germany, the German word Mittelstand has been absorbed into the Anglo-American management literature. These Mittelstand companies serve as a very important source of innovation and technological change, and thus increase economic welfare and competitiveness (OECD 2002a). Still, both media coverage and scientifi c research predominantly focus on large enterprises.

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2004Firm resources and sustained competitive advantage 1997The balanced scorecard: Translating strategy into action 2008The five competitive forces that shape strategy.2000The Strategy-Focused Organization: How Balanced Scorecard Companies Thrive in the New Business Environment 1998Putting the Balanced Scorecard to Work 2003Strategy Maps: Converting Intangible Assets into Tangible Outcomes 2001Having trouble with your strategy? Then map it.2006Alignment: Using the Balanced Scorecard to Create Corporate Synergies

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